valuation post toll

Note: have purposely reduced the basket price by approx 23% from $54.00P/kg down to $41.00 as Stage 2/ begins.

Reason being IMO: there will be an expected new supply to which will most probably push prices down & stabilize at around $41 or there abouts.

Have used Industry PE: of 8.57 ...... Playing conservatives :)

Note: have also left shares on issue @ 1.7Bill, will need to increase due to ( Mount Kellet Convertible Bonds. )

Stage1/ $1.88+ P/Share
Stage2/ $2.51+ P/Share






If we use higher P/E but still keep the above quoted basket prices unchanged ( It makes a considerable difference to the Share price outcomes )

P/E = 10
Stage1/ $2.20+ P/Share
Stage2/ $2.93+ P/Share

P/E = 12
Stage1/ $2.64+ P/Share
Stage2/ $3.52+ P/Share

P/E = 14
Stage1/ $3.08+ P/Share
Stage2/ $4.10+ P/Share

P/E = 16
Stage1/ $3.52+ P/Share
Stage2/ $4.69+ P/Share

P/E = 18
Stage1/ $3.96+ P/Share
Stage2/ $5.28+ P/Share




Hope this gives those that purchased above $1.00 some assurance over the coming post toll period.



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